The land Registry , will be sold off and privatised , shock horror some say, including middle aged public school boys.
jack of all trades ,estate agent ,property buyer,analist
In a consultation document, the government set out several models for the new agency, with its preferred option being privatisation with a contract to the government. This could be in place by 2017. Other options include a mutual joint venture between government and a private firm and privatisation with a new regulator in place
The consultation document said that in recent years Land Registry’s income had exceeded its expenditure as a result of the housing market recovery. In 2014/15 total costs were £260.5m, while revenue hit £297.1m.
The Department for Business, Innovation and Skills said Land Registry would continue to support the property market. “A sale of Land Registry could allow government to pay down debt, or enable other investment for the benefit of taxpayers,” the department said in a statement.
“It is expected that a move into the private sector would also allow Land Registry to become even more efficient. At the same time it could continue with an appropriate level of service to support the property market.”
The Land Registry forms part of the Department for Business, Innovation & Skills and currently employs approximately 4,500 people.
It is the UK's most comprehensive source of house prices, because all property buyers must use it to register ownership.
Last year, the proposed sell-off had been expected to raise around £1.2 billion for the Treasury, but an announcement in January 2014 that the move was being considered triggered a 48-hour strike by furious employees.
At the time, a source said ‘staff issues’ had been a major stumbling point for the proposals. Another problem was that the privatisation would have been ‘just too complicated’.
Then theirs the crowd who say they are concerned about how a privatised Land Registry would monetise the records it held.
Who will ensure that your private details won’t be sold on to a third party looking to sell you stone cladding or to pave your driveway? Do we really want to rely on the private sector to guard the details of what for most people is their most valuable asset .
With the growing rise in kleptocracy, at the last count london had over 35,000 YES thirty five thousand London properties currently have unknown offshore owners. By making the data more accessible, dodgy real estate deals will be easier to spot by making data made more accessible due seeing its details nearer the time on transaction. The land registry never published data of property sold at the time with a lag of up-to 3 months until disclosure.
The property market, like that of gold and oil, is a rather murky world.
The prices you'll see on most websites are asking prices. The value of a done deal - the real price - can take land registries weeks to process, by which time a fast-paced market will have moved on.
So those on the inside doing the deals, such as estate agents and developers, have a distinct advantage.
Could technology help blast open this closed market?
How data is shining a light on global property markets
It's also not rocket science to work out that estate agents, guard their holy grail secret client list ,under lock and key , worth millions ,avoiding competitors knowing who they are, is also another reason the disdain, from the high street agent.
Foxtons estate agency chain spends more than £3 million a year on its "highly sensitive and valuable" client property database, which it says is its "most important tool" for generating revenue.
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